Google Earnings Solid, Company Signals Investment Ahead

Apr.15.10 | About: Alphabet Inc. (GOOG)

Google (NASDAQ:GOOG) reported solid first quarter earnings today, beating Wall Street’s estimates. For the quarter, the company reported net income of $2.18 billion, or $6.76 per share, on a non-GAAP basis. Sales for the quarter were $5.06 billion. Wall Street analysts had been expecting earnings of $6.56 per share on revenue of $4.93 billion. (Statement, Preview)

In a statement, Google CFO Patrick Pichette said:

Google performed very well in the first quarter, with 23% year over year revenue growth driven by strength across all major verticals and geographies. Going forward, we remain committed to heavy investment in innovation — both to spur future growth in our core and emerging businesses as well as to help build the future of the open web.

The company had a busy first quarter, including a showdown with the Chinese government and a new mobile phone strategy that includes direct-to-consumer sales of the Nexus One smartphone. The company didn’t address either of those news events in its earnings release but surely it will be a topic of conversation when the company hosts a conference call with analysts this afternoon.

Shares of Google were slipping in after-hours trading. We’ll update this post with more details from the release, as well as the conference call.

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